Tishman Said in Talks to Buy Paris Tower From Bad Bank Dexiaby
Tishman Speyer Properties is in exclusive talks to buy Tour Dexia, an office tower in Paris’s La Defense district, according to two people with knowledge of the sale, who asked not to be identified because the deal is not completed.
The 31-story tower, whose occupiers include owner Dexia SA and Allianz SE, is valued at about 330 million euros ($375 million), according to an estimate by real estate research firm Green Street Advisors. A spokeswoman for Dexia, the bank that’s winding down assets following a bailout by the French and Belgian states, declined to comment. A spokeswoman for Tishman Speyer, which operates Manhattan’s Rockefeller Center, Chrysler Building and MetLife Building, declined to comment.
Values in La Defense are rising as investors seek to take advantage of increasing occupancy and to avoid record-high prices in central Paris. Tenant demand for offices in the skyscraper district is increasing as companies seek modern space in refurbished and newly constructed buildings.
More than 74,000 square meters (797,000 square feet) of office space was leased in the first quarter, making it the best first-quarter performance since 2009, according to data compiled by Cushman & Wakefield Inc.